Avoiding Common Forex Mistakes - page 2
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dont fret it Master-FX ... just pick up the pieces and carry on where you left off. It's all part of your journey.
Cheers!
A huge mistake is to marry your trades, get emotionally attached to them, so that every pip lost breaks your heart.The problem is that we are all humans and it is very hard to get rid of emotions especially when you see your hard earned dollars go up in smoke.The only therapy I could find is simple - stick to the rules of your strategy and stops and do not change them no matter what. If you still loose money for like 30 trades in a row switch to demo and only start live again when you have some success on demo account.Hope this makes you a better trader,Mike
I agree with you on that.. It's really difficult because we are just humans and we are inclined to emotions most especially with regards to our money.. so just like what you said, every pip lost could break a heart.. and that's hard to cope up.. So i think psychology, discipline and money management should be implemented.. And yeah, most important thing, stick to the rules of strategy..
don't revenge the market when you have a bad trade.
the most important is don't against the trend, the hard question is how to figure out the trend
the most important is don't against the trend, the hard question is how to figure out the trend
Yup, don't go against the trend even you're scalping.
We can determine the trend on the higher time frame.
But the only question is how long the trend will go on ? will it reverse when you open a position.
define your stop loss in every order you place and
review your risk to profit ratio 3:1 is what i use
If u still involve your emotion in trading, you'd better play game,after that trade and trade...
3 M , Mind - Methodes - Management
Overtrading, many trader like to be in the market all the time and try and force profits but end up taking low odds trades and losing they simply trade too much. To win you need to be patience and only trade high odd trades.
I would put greed on top of the list and probably the biggest undoing for most Forex traders. Remember the sort of Forex traders who want to make $1000 in a month from $10? Using unrealistic lots sizes like 1 or 2 for a quick return with an account of $500? We all know how the story ends, a nice big hole in your account and a broken heart.
Well the answer to that is simple, until you master the art of controlling your emotions, you have no chance of succeeding in Forex trading. You will be making the same mistake over and over and over again, literally handing over your hard earned money to someone else. Find a trading strategy that suits your appetite and do yourself a favour, stick to it. If you don't soon or later you'll be caught out.